St. Paul daily globe., 1887-05-18
On The Chicago Board of Trade Yester-
day Morning June Wheat Started In
With Jump Upwards.
The Spurt Lasted for Few Minutes,
When the Price Dropped, Although
the Option Was Active.
The Operations Of the Clique We're Small,
and the Crowd Grew Bold, and
Then Frightened.
Transactions in the Financial Circles
of Wall Street---General Mar
ket Review.
Special to the Globe.

Special to the Globe.
CuICAGo, May III is not conceivable
now that Armour has anything 10 do with
the present wheat deal. He has all along de-
nied1t, but there are some very sharp people
who always copper whatever they are told in
a straightforward way, and SO they did not
believe that Armour was not behind the
wheat corner But there is additional evi-
dence He was asked to carry certain
amount of cash wheat for the clique and re-
fused Il have not" lie said to-day, either
directly or indirectly. one dollars interest in
a hushel of wheat, cash or option ut Chi
cage" II is II fact, however, that the Chicago
brokers did have until recently II lingering
idea that Armour had Il relationship of some
sort 10 il, and ii WAS not until the other day,
making certain arrangements with
banks that il was decisively proven TO them
that whoever their principal was he was not
p. ID. Amour. kershaw and Irwin, Green
& Co. know now that they are not working
for their old-time patron. They did not know
This until quite recently, remarkable as that
might seem. The Fraley-Carter commission
finn were transferring their trades last night
and explained that they were going out of
business because Nose Fraley. the 81.
l.uuislu. had been Il bear of late,Gnd because
WHEN lie Is A BEAR
he i such vigorous one. This was looked
ON hv the crowd 4 surrender. The ad
vance in wheat 10 S9l4c for June to-day prob
ably was partly explained 10y this queer move
on Nose Fralcy'S part. IL had somewhat
the eject that the cnpitulation of an efficient
leader would have on an army. Ii began to
he asked whether carrying charges were 10
bc a thing of the past, now forever. The
clique took no part III the market in the fore
noon. Irwin, Green * Co. : and kershaw X
Co : orders were only for %. .O00 bushel lots,
an for not many of them. The crowd was
i'll mood 10 see the price go down. Each
lille buyer Of wheat sent the market up.
There was no grain for sale except very small
~oii ali N-,arl tah tn
sell but couldn't. The clique did not show
very much anxiety. After the first rush 10
S9Lc the June option declined. The clear
anceS Of wheat at New York was diSappoint-
inslv small. only $1,000 bu; but III Baltimore
they aggregated $4,000 bu. and Philadel-
phia brought the aggregate up 10 Il respect
able figure. II was predicted before the
opening that to-day wheat market would he
wild one. 1t was not as wild as expected.
From S9Lc the most serious decline was 10
SSSs and the bottom figure was not main
tained very long. Although the brokers
were in and ont of the market all the while
they were apparently executing orders for
outsiders Even AT SSl2c at which point the
market turned Il half Il dozen times, there
were no clique orders The market turned
itself. Just before L O'Clock, however, the
brokers of the clique did stout buying. and
the advance from under SSl2c to SSls6ySS7sc
was very rapid. The news from the outside
was all of little hearish tone.
THE ROUTINE REPORT
=
morning with jump to soc for June and
solu Immediately to S9ls0S9l4c. This spurt
lasted for about ten minutes. when it
dropped back to SS5s0SS34 but was active
and irregular. The trading was very gen
eral AT the start and the clique brokers did
very little. AS the session advanced, trading
in wheat became very light, though consd-
ering the amOut of business done, prices
moved around with considerable alacrity.
Their limits were between S7l2MS 7S6i soc
for June, and it was found impossible to
move them either above or below these fig
ures until Il short time before the close OF the
session. though both extremes were touched
several times. 1t was evident that the buy
ing operations OF the clique were not large,
and toward the close the crowd got little
bold. They had been offering June wheat at
SSlac without takers. At 1890 a few
of them tired of offering it below that
price and finally offered it at SSAc. The
market reacted toward SSl2c again and they
became frightened and Immediately tried TO
buy back the stuff they had just sold. The
market again stiffened up and closed at SS7sc
for June and S57s for July. July corn
opened stronger at 41ssc, but broke to 4llsc
when wheat declined. 1t afterward de-
Veloped into a quite uninteresting deal and
ranged between Ale and 43sSc for July, clos
ing at the latter figure. Ribs opened firm and
higher at S7.I2l2. This firmness was due to
lighter receipts of hogs than was expected.
July lard opened steady at 5000. After
wards provisions became quiet and July ribs
sold down to S7.25 and July lard to S6.S2l2
closing at $500 for the former and S6.S2l2
for the latter.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. = May, S7a4c, closing at S77sc
June, soc closing at SS7sc; July, S6l2c
closing at S57sc; August. S442c, closing
at S4lsc. Corn-No. = May, 39l2c, closing
at 3Ss4c; June, 39l2c, closing at 39ls
July, 4lssc, closing at 4lSsc; August, 42Ac
closing at 424c Oats-No. 2 May. 264c
closing at 26Isc June, 27lsc, closing at
27Isc: July, 2Slsc, closing at 2Slsc. Au
gust, 2654c, closing at 26l2c. Mess
pork-per bbl. May, S20.5O, closing nj
$20.50: June. S20.50, closing at S20.50
Lard-per 100 lbs, May, S6.77l2, closing al
$50: June, ST., S2l2, closing at ST, ,75 July
$500, closing at S6;s2l2; August, 500
closing at S6.92l2. Short ribs-per 100 lbs,
May, $50. closing at S715: June, S7.3O
closing at S7.17l2; July, $40 closing al
S7.30: August, $50, closing at $40
Cash quotations were las follows: Flour
steady, firm prices unchanged. Wheat-No
2spring, S734GSSAc; No. spring. 77c; No
0ats-No. ., 26ls@26l2c: Rye-No. ., 56l2c
Barley-No. p, 57c. Flax seed-No. l.
Sl.lOl2 Prime timothy seed, 81 .64@1. ~
Mess pork, per bbl, S2050. Lard, per 1OC
lbs, $3.50. Short rib sides, loose, S7.1Od
5.l5: dry salted shoulders, boxed, 5000
$40; short clear sides, boxed. S7.55@7. go
Mhisky-Distillers finished goods, per gal
Sl.10. Sugars-Cut loaf, 614@6ssc; granu
lated, 6c: standard A, 55sc. Receipt.
Flour, 1900 bbls wheat, 60, 900 bu: corn
$1,000 bu; oats, 161 900 bu; rye, 5000 bu
barley. $4,000 bu. Shipments-Flour, 10. .00(
bbls; wheat, $4,000 bu: corn, 215, 900 bu
oats, $4,000 bu; barley, 1000 bu. On the
had lower tendency; creamery, 16@19l2c
DAIRY. lIMlIc. Eggs. firm. lOloN1 1c